The landmark CPF Building at 79 Robinson Road has been sold for a higher-than-expected S$550 million, the CPF Board announced on Thursday (Nov 26).
The public tender for the sale of the building attracted three bids, the highest of which was by Southernwood Property, a company wholly owned by Ascendas Land.
Analysts had expected the building to fetch about S$450 million.
The CPF Board said the bid from Southernwood Property met all tender criteria, “including the strength of their financial standing and purchase conditions such as the assignment of tenancies to the new owner”.
The other two bids were S$538.28 million by Leapford, a company owned by Pacific Century Regional Developments, and S$280 million by OUE Reef Development.
An earlier report quoted the building’s marketing agent CBRE as saying that it could be redeveloped into a mixed use development with office, retail and serviced apartments or a hotel, subject to approval from authorities.
The CPF Board will be moving to Novena Square Towers “to free up prime office space in the Central Business District for higher-value uses”. Its corporate operations relocated on Nov 23.
The CPF Service Centre will continue to operate at 79 Robinson Road until further notice.
Source : Channel NewsAsia – 26 Nov 2015
The corporate operations of the Central Provident Fund (CPF) Board at the CPF Building at 79 Robinson Road will relocate to Novena Square Towers A and B from Nov 23.
In a news release on Monday (Nov 16), CPF said the relocation will free up prime office space in the Central Business District for higher-value uses. The CPF Building at 79 Robinson Road has been put up for sale through a tender and bids are currently being evaluated.
According to CPF, the move does not affect the CPF Service Centre at 79 Robinson Road which will continue to operate on the second floor of CPF Building until further notice. The customer hotline (1800-227-1188) and email (email@example.com or firstname.lastname@example.org) also remain unchanged.
The new CPF Board corporate address at Novena Square is:
238B Thomson Road
#08-00 Tower B Novena Square
Source : Channel NewsAsia – 16 Nov 2015
The landmark CPF Building at 79 Robinson Road has been put up for sale by public tender, after the Central Provident Fund (CPF) Board signed a long-term lease to rent space at Novena Square Towers A and B for the Board’s operations.
Its marketing agent CBRE said the relocation of CPF offices in the building will “free up prime office space in the Central Business District for higher-value uses”.
The building, which was completed in the 1970s, sits on a regularly-shaped site with an area of about 47,056 sq ft. The current Net Lettable Area of the building is approximately 324,000 sq ft. It also has frontage of 120m along Robinson Road.
It could be redeveloped into a mixed use development with office, retail and serviced apartments or a hotel, subject to approval from authorities, CBRE said.
The tenure of CPF Building is 99 years from 1968 and the tender closes on Oct 28.
The CPF Board will be moving to Novena Square Towers from the last quarter of this year. The Board’s Service Centre at Robinson Road will continue to operate until further notice.
Source : Channel NewsAsia – 17 Sep 2015